The definition of who is considered a First Time Buyer in Santa Cruz County might surprise you. If you have not owned property for three years, you might qualify as a First Time Buyer. The program is an amazing resource that allows people of lower to medium income to get a foot in the home-ownership door. The basics of the program are as follows:
- You cannot have owned property for three years
- You must meet income restriction requirements (see County website for specifics)
- You must contribute five percent of the down payment towards closing costs
- The program will lend you up to 25% of the purchase price for a down payment
- The funds are recorded as a "Silent Second" - no payments are required as long as you live in the house and the loan must only be paid back if you sell the property
- One of the principals in the transaction must either live or work in Santa Cruz County
- The home must be used as a primary residence
Check out the County of Santa Cruz website for specific details.
I have assisted buyers in utilizing this program and it is amazing! Please call me if you would like me to coordinate resources for you.